Government of the Federated States of Micronesia

Public Sector Reform Cleared for Yap State

PALIKIR, Pohnpei (FSM Information Service): July 16, 1997 - On July 10, 1997, FSM President Jacob Nena notified Governor Vincent Figir of the State of Yap that the FSM Secretary of Finance has been informed that the Public Sector Reform Program (PSRP) loan has been declared effective as of June 27, 1997, by the Asian Development Bank (ADB). This should be taken as a sign to move forward with the State and National Early Retirement Programs.

Nena congratulated Yap State for being the first State to complete all preparations and for signing the Financing Agreement on July 8, 1997, the President said he has instructed the Secretary of Finance to expedite transfer of funds to the State of Yap.

Other three FSM States and the National Government are working toward implementing the Early Retirement Program at varying pace. Each state legislature and FSM Congress must enact enabling loan and implementing legislations before the program can take effect.

For further information on this release, please contact:

FSM Office of the President
Public Information: Press, Radio, Video
P.O Box 34
Palikir Station, Pohnpei, FM 96941
Tel.: (691) 320-2548/2092
Fax.: (691) 320-4356